The past four months have been incredibly difficult for land-based casinos around the United States. Many of the country’s casinos have begun to reopen, yet nearly all of them are struggling to bring in players. New reports on Maryland’s gaming revenue have just been released that shows how tough of a year 2020 has been for the casinos in this state.
Casino revenue is dropping in every single state. Today, we’re going to look at exactly how much money the gaming venues in Maryland managed to bring in so far this year. We’ll also discuss revenue figures in other parts of the country.
Let’s get into it!
The Casino Industry in Maryland is Now Up and Running
The state of Maryland is home to six major casinos. It wasn’t until 2012 that lawmakers began allowing table games to be played inside these gambling venues. This industry has been growing steadily since that time.
At the start of this year, things looked great for the casinos here. Revenue was increasing and some felt that Maryland was growing to become one of the new gambling hubs on the East Coast. It even looked like sports betting was set to become legal here. Unfortunately, all of the state’s casinos were forced to close down in March of this year.
State leaders were initially unwilling to say when the casinos here would be allowed to reopen. New cases of Covid-19 have been fairly low here but many remain extremely cautious to get things back on track. Early last month, Governor Larry Hogan told the media that casinos would be allowed to reopen on June 19th.
All of the state’s casinos have now reopened with safety measures set in place. That includes social distancing measures and limiting contact between players. If cases begin to spike in Maryland, there’s a chance Governor Hogan will require the state’s casinos to close once again.
It’s been an incredibly difficult time for the companies operating these casinos. These companies are now working hard to attract new players. New revenue reports are beginning to come out here that show the toll the global pandemic has taken on this industry.
Maryland’s Gaming Revenue Has Already Dropped by 27% This Year
We’re only just beginning to see how badly the US casino industry is being affected by the events happening around the world. Even the casinos that have completely reopened are finding it difficult to generate revenue. As more regulations are set in place at these casinos, fewer people are choosing to gamble.
According to new reports from state gaming and lottery officials, Maryland’s gaming revenue has dropped by an incredible 27% so far this fiscal year. Over the fiscal year, casinos here generated $1.28 billion. Obviously, the majority of this money was made prior to the casino shutdowns in March. It’s still unclear how much money has been over the past few weeks.
MGM National Harbor, arguably the biggest and most popular casino in the state reopened on June 26th and generated $8 million over the next five days. Live! Casino & Hotel reopened on June 19th and made $15.9 million that month. Horseshoe Casino opened back up to the public on June 28th and managed to bring in $2.6 million over the next two days.
In total, Maryland’s gaming revenue for June came out to $34.9 million. $14.6 million of that went directly to the state in taxes.
Most analysts predict that casino revenue will be significantly lower this calendar year than it was in 2019. Some believe the US casino industry will never look the same way it did just a few months ago. We’ll continue to offer updates on the amount of revenue earned here as the year goes on.
Nevada’s Casino Revenue Was Almost Non-Existent in May
Just a few days ago, we reported on the revenue figures for the state of Nevada in May. Incredibly, revenue here dropped by 99.4% that month. It’s not very surprising when you consider the fact that all the casinos here were closed for the entire month.
The only money generated here came from the state’s regulated online gambling options. Las Vegas Strip casinos managed to bring in $3.8 million in May. Fortunately, things are guaranteed to be better in June.
Many of the top casino-resorts in Las Vegas opened back up on June 4th. Guests have been visiting and gambling inside these venues, albeit with major restrictions set in place. Plexiglass barriers separate players and wearing a mask is now mandatory inside all casinos here.
It’s difficult to predict how much money was earned last month. It will be a major indicator for how the rest of the year will go. In fact, June may prove to be the most successful month for the casinos here after reopening.
Maryland’s gaming revenue in fiscal 2020 dropped sharply. We’ll need to see if things improve over the next few weeks.
Have you visited any land-based casinos since March? How was your gambling experience? Let us know in the comments section below!